PLUG vs QS: Correlation
Plug Power, Inc. (PLUG) and QuantumScape Corporation (QS) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PLUG and QS?
Over the past 3 years, PLUG and QS moved with a correlation of 0.47, which is moderate. The link has tightened recently: the 1-year correlation (0.66) runs above the 3-year figure (0.47). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 4230.3 %².
Among the 13 assets we track against PLUG, QS ranks #5 by 3-year correlation. The last year tells two different stories: PLUG led by 66.7 percentage points, +40.1% for PLUG against -26.6% for QS.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
PLUG vs QS: side by side
| PLUG (Plug Power, Inc.) | QS (QuantumScape Corporation) | |
|---|---|---|
| 1-year return | +40.1% | -26.6% |
| 5-year return | -91.3% | -72.4% |
| Volatility (ann.) | 98.9% | 90.7% |
| Beta vs S&P 500 | 1.49 | 2.17 |
| Max drawdown (3Y) | -92.1% | -73.5% |
| Market cap | $3.2B | $3.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PLUG | QS |
|---|---|---|
| 2022 | -56.2% | -74.4% |
| 2023 | -63.6% | +22.6% |
| 2024 | -52.7% | -25.3% |
| 2025 | -7.5% | +100.8% |
| 2026 | +15.2% | -43.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PLUG and QS good diversifiers for each other?
Reasonably. At 0.47, PLUG and QS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PLUG and QS?
As of 2026-08-27, the correlation of weekly returns between PLUG and QS is 0.47 over 3 years, 0.66 over 1 year and 0.51 over 5 years.
Is QS a good diversifier for PLUG?
Reasonably. At 0.47, PLUG and QS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: PLUG correlations · QS correlations
